A business account will also give you access to valuable advice and support from a business manager that in many cases comes as part and parcel of the account. With many banks offering free business banking to new accounts, it could even save you money although banking charges are likely to factor in at some point.

There are many benefits to opening a business account; many banks offer a free business banking period when you open a new account or switch a business bank account. During this time you won't be charged for paying in cash or cheques and you will not need to keep a minimum balance in your account. This is ideal for those starting commerce as you can save money and invest it into your business instead.

You may earn credit interest on any balance, which you can reinvest into growing your business. Looking for an account that gives the most interest however is unadvisable; your major concern should be what banking charges will affect your business finances.

When you open the account, you may be allocated a named business manager, who can offer invaluable business advice and support, and also help you to arrange loans or insurance for your business. This service should be utilised as much as possible an experienced advisor is worth their weight in gold. The advice given by business advisors should be heeded at all costs as their experience is an asset that will add to the effectiveness of your business.

You'll also get a business debit card, which makes it easy to withdraw cash from a cashpoint and pay for items without the need for company cheques. And if you opt for a business credit card, you may be able to enjoy interest-free credit to help your cashflow and make it easy to track your spending. Be careful to ensure spending is limited to business needs only, discipline is required not to mix your business and personal finances.

If you need quick access to additional funds, a business loan or business overdraft could offer a flexible solution. Be sure to study the terms of the loan in detail and fully understand the repayment schedule. When you're looking for business premises, it is well worth speaking to your business manager who may be able to arrange a commercial mortgage for you.

Most banks offer internet banking, as well as telephone banking, which makes it easy to manage your account. Additional banking charges may apply however so reading the small print is a prerequisite to opening an online account. Some business accounts include access to book-keeping software, business planning tools and business guides, which can be really useful when you're starting a business.

It's also worth remembering that having separate personal and business bank accounts makes it easier, and usually cheaper, for you and your accountant to balance your cashbook and ensures that your account is covered by the Business Banking Code.

The separation of personal and business accounts is also vital for tax purposes. Opening a business account also makes ongoing maintenance of your account easier, for example if you want to add multiple signatories at a future date and adds an element of transparency to your business dealings.